How to Best Follow-Up With Rental Prospects5 min read
We all have that friend, co-worker or family member you call and email without success. Yet, text them and they answer right away. You’ve most likely figured out the best method and time to reach the important people in your life, and it’s probably not the same scenario for each one. This holds true for very important property rental leads in the multifamily space.
Technology allows us to bank, buy and browse at any hour every day of the week. Your prospects are looking for their next home when and how it is most convenient for them. Meeting your customers on their terms and timeline will build the trust necessary to close the deal. Sounds like you may be working around the clock? Not with the right technology, process and product.
What Technology Tells You About Customer Preferences
With the right technology, your prospect will leave a digital footprint. You know what area they are looking in, what size of living space they are looking for, and what amenities interest them. Most importantly, the way they engage with you indicates their preferred communication style, the time and day their search is top of mind, and it provides insight into how close they are to making a decision.
“With social media, chatbots and artificial intelligence, prospects don’t want to wait for office hours or phone calls anymore,” says Catherine Azar, Director of Property Management with Barratt Asset Management, headquartered in Indianapolis and specializing in the acquisition and management of multifamily apartment communities. “They can immediately go onto your site and start selecting what they want. What’s important to our leads is that instant gratification and personalization tailored exactly to what they are looking for. Have an apartment home pop up for them that fits their needs and they are immediately engaged. They’re spending more time on your website and you become top of their list very quickly.”
Offering a wide range of communication and viewing options for your prospects keeps those high-priority leads engaged. “We make so many buying decisions using research tools online and consumers appreciate the convenience of not having to come into the office to fill out forms,” says Katrina Greene, Senior Regional Manager at Sheehan Property Management. “Virtual tours or video footage of the unit allow us to be more effective with our prospects who are out of state or even out of the country. They can make a confident buying decision without physically being on-site because they have seen the amenities, neighborhood and the unit via video.”
Matt Weirich, Co-Founder and CEO of Realync, a video-leasing platform company, believes prospects who view videos of the property will be closer to making a leasing decision by the time they come to visit the community. “After they watch the videos and go through the PERQ experience, they’ll be more qualified and more buy-ready,” Weirich says. “The leasing agent is still an important part of the process, because they instill trust in the property where the prospect will live.”
Barratt Asset Management embraces whatever platform the customer prefers. “The new communication channels have vastly impacted lead nurturing,” Azar says. ”We can do FaceTime calls and tours, and it’s really a game-changer. People from out of state can see your face and it provides comfortability and starts building that trust.”
Variety of Follow Up and the Lead Nurturing Process
Did you know that almost half of rental prospects prefer you reach out to them in the morning? PERQ analyzed national, regional and benchmark data from nearly 320 properties across the U.S., along with 93,000 consumer responses with 328,000 data points, and captured the latest renter insights in their Multifamily Field Guide.
“We are definitely seeing the same dynamics as what was found in PERQ’s prospect survey,” says Lisa Harris, Regional Manager for W3 Luxury Living, a property management company based in Colleyville, Texas. “Of course, you have to find out what they are looking for, which locations and what spaces are reflective of who they are and fits their budget.”
Azar finds that Thursdays are a good time to hit prospects who are close to making a decision. “The weekend is coming and they have a little more free time. You want to follow up at a time the prospect won’t be extremely busy.” Azar schedules her communications with prospects during their preferred time, even when it may be after regular hours.
Her lead nurturing process includes implementing a customized system to track their rental prospects. “Being consistent is paramount. It’s where we continue to build a professional relationship,” Azar says. She adds that prospect documentation is key to connecting with customers. “We work with a lot of people and it is important for us to remember everything specific to that prospect.”
Prioritizing your prospects helps when allocating time and deciding who to reach out to first. Prospects who have taken virtual or in-person tours, filled out an online pre-qualification application or utilized an expense calculator feature on the property website provide valuable information about where they are in the customer journey. Take advantage of automated lead nurture emails that include information personalized to the prospect based on their previous engagements on your website. Lead nurture emails will not only drive customers back to your website, but they will also help them connect with your company.
In addition to technology, Azar stresses the value of emotional intelligence. “You have to be able to handle interpersonal relationships with knowledge and care, while understanding that each prospect has different moving circumstances — there’s never a one size fits all.”